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Direct Debit due Monday taken Saturday

roy_harper
Posts: 237 Forumite


I'm amazed and angry at NatWest's policy.
I looked at mini-statement today 18/06/2011 and found a D/D dated 20/06/2011 for £50 ish just gone from my account to pay the D/D due on Monday.
They have just deprived me of £50.
The 'chat' advisor flagged up some details about them making a decision that this money should be there to pay my D/D on Monday.
Errrm isn't that up to me? Apparently not.
I looked at mini-statement today 18/06/2011 and found a D/D dated 20/06/2011 for £50 ish just gone from my account to pay the D/D due on Monday.
They have just deprived me of £50.
The 'chat' advisor flagged up some details about them making a decision that this money should be there to pay my D/D on Monday.
Errrm isn't that up to me? Apparently not.
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Comments
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With most bank accounts the money needs to be in the account the last banking day before. The money won't actually leave your account til Mon it has just been earmarked. If you had spent it what would have happened on Mon.Lost my soulmate so life is empty.
I can bear pain myself, he said softly, but I couldna bear yours. That would take more strength than I have -
Diana Gabaldon, Outlander0 -
Saturday and Sunday are not bank processing days. Friday midnight becomes Monday immediately effectively for the purposes of direct debits, standing orders, cheques and BACS credits. What you describe is entirely correct.0
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This is nothing new. All debit and credits due to be paid from or into your account on a Monday will show on Saturday dated with Mondays date.Debt free and staying that way! :beer:0
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I have a natwest account. My direct debits are always taken on a saturday even if the money is not in my account. But it also means that i can put the money in my account on monday before 2pm and i won't get charged.Slimming World Challenge 2017 0/30.5lb
Grocery challenge 2017 JAN: £5.56/£3500 -
i think most, bar abbey and hsbc do this. i just found out from nationwide that companies can take d/d's 'up to 2 days early'. I only have a 4 set up that take them on the right date but it really shocked me.0
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always happens with my bank too, you need it by monday, so you cant spend it today!0
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Forgot to add, it works the other way too. I get my family allowence once a month and it falls on a Monday (think its every for weeks??). But the money is always available to withdraw on a SaturdaySlimming World Challenge 2017 0/30.5lb
Grocery challenge 2017 JAN: £5.56/£3500 -
A DD payment is triggered by the merchant, not by the bank. It's a 2-stage process, over two working nights.
Night 1 - claiming bank asks sending bank for an authorisation code. Sending bank checks your account. If you haven't got the money, the transaction fails at this point. Otherwise, the money is put on hold, which makes it disappear from your "available to spend" balance.
Night 2 - the money is claimed against the authorisation code. This always succeeds - can't be refused - so the receiving and sending accounts can be credited and debited at the same time.
If the merchant requests the money on the Monday. he won't get it until the early hours of Wedenesday. If he wants the money by start of play on Monday, he'll request it on Thursday and it will be on hold on Friday."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
I'm amazed and angry at NatWest's policyThey have just deprived me of £50Errrm isn't that up to me0
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